Engro, Excelerate Energy sign MoU to develop private RLNG sector.
ISLAMABAD -- Engro Eximp FZE, a subsidiary of Engro Corporation announced on Wednesday that it had signed a Memorandum of Understanding (MOU) with Excelerate Energy, Inc. (NYSE: EE) (Excelerate) for development of a private sector gas marketing business in Pakistan.
Under this MOU, both partners will jointly evaluate the possibility of establishing a regasified LNG (RLNG) marketing business with maximum participation from the country's private sector, said a news release.
'The initiative has the potential to increase private company participation in Pakistan's LNG sector and enhance Pakistan's energy security by opening up new RLNG supply avenues for businesses and consumers. This endeavor comes at a point when the need for energy security has become a critical issue globally, and particularly for Pakistan, against the backdrop of current geopolitical dynamics,' the Engro Eximp noted.
President and CEO Engro Corporation Ghias Khan said he was delighted that Engro's collaboration with Excelerate Energy had been strengthened through this agreement, which would eventually help Pakistan meet its energy needs.
'As a pioneer in Pakistan's LNG sector, we understand the importance of enhancing energy security; an imperative for Pakistan to ensure economic growth while providing consumers access to adequate, reliable, and affordable...
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